Todd Asset Management LLC boosted its holdings in shares of Magna International Inc. (NYSE:MGA) (TSE:MG) by 19.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 415,778 shares of the company’s stock after buying an additional 68,087 shares during the period. Todd Asset Management LLC’s holdings in Magna International were worth $24,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in MGA. CIBC Asset Management Inc increased its position in Magna International by 131.0% during the 1st quarter. CIBC Asset Management Inc now owns 2,515,712 shares of the company’s stock valued at $141,488,000 after buying an additional 1,426,589 shares in the last quarter. Toronto Dominion Bank increased its position in Magna International by 111.8% during the 2nd quarter. Toronto Dominion Bank now owns 2,118,571 shares of the company’s stock valued at $122,854,000 after buying an additional 1,118,411 shares in the last quarter. Schroder Investment Management Group increased its position in Magna International by 101.0% during the 1st quarter. Schroder Investment Management Group now owns 1,661,752 shares of the company’s stock valued at $120,593,000 after buying an additional 835,205 shares in the last quarter. CIBC World Markets Inc. increased its position in Magna International by 11.3% during the 1st quarter. CIBC World Markets Inc. now owns 4,885,794 shares of the company’s stock valued at $275,314,000 after buying an additional 494,591 shares in the last quarter. Finally, Thrivent Financial for Lutherans acquired a new position in Magna International during the 1st quarter valued at about $25,563,000. 61.01% of the stock is currently owned by institutional investors.
Shares of MGA stock opened at $54.63 on Monday. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $18.39 billion, a PE ratio of 9.17, a PEG ratio of 0.90 and a beta of 1.38. Magna International Inc. has a fifty-two week low of $45.90 and a fifty-two week high of $67.47.
Magna International (NYSE:MGA) (TSE:MG) last announced its quarterly earnings data on Wednesday, August 8th. The company reported $1.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07). The firm had revenue of $10.28 billion during the quarter, compared to analyst estimates of $10.45 billion. Magna International had a net margin of 5.72% and a return on equity of 19.72%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.48 earnings per share. research analysts anticipate that Magna International Inc. will post 6.97 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 31st will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This is a positive change from Magna International’s previous quarterly dividend of $0.26. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.42%. Magna International’s dividend payout ratio is currently 22.15%.
Several brokerages recently issued reports on MGA. Morgan Stanley reduced their target price on Magna International from $53.00 to $48.00 and set a “sell” rating on the stock in a research report on Monday, August 13th. TD Securities reduced their target price on Magna International from $69.00 to $63.00 and set a “hold” rating on the stock in a research report on Thursday, August 9th. Citigroup reduced their target price on Magna International from $77.00 to $69.00 and set a “buy” rating on the stock in a research report on Thursday, August 9th. Royal Bank of Canada reduced their target price on Magna International from $76.00 to $74.00 and set an “outperform” rating on the stock in a research report on Thursday, August 9th. Finally, ValuEngine lowered Magna International from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $65.88.
Magna International Company Profile
Magna International Inc designs, develops, and manufactures automotive systems, assemblies, modules, and components in North America, Europe, Asia, and South America. The company offers body systems, including exterior sheetmetal and closure systems, body structure systems, and energy management solutions; chassis systems, such as frames and chassis subframes, suspension links and arms, and chassis modules; and engineering services comprising support, program management, virtual tool, prototype build and validation, testing, and research and development services.
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